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The difference between the Federal Reserve Board of Chairwoman Janet Yellen and that of her immediate predecessor Ben Bernanke is becoming clear. No more so than in their approach to the problem of joblessness.

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The elaborate gavotte between the American and European economies continues.

While the Federal Reserve has begun to wind down its controversial quantitative easing (QE) program, the European Central Bank (ECB) the federal reserve of the eurozone, has announced it is considering a QE program of its own.

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President Barack Obama’s State of the Union was all about jobs. He said the word 23 times, often congratulating himself on having helped create 4 million. He urged a “year of action” to make more jobs, raise wages and create opportunities for social mobility. Then he set out on a jobs tour to persuade large companies to start hiring and pay more.

Author Profile

Nicholas Wapshott is the International Editor of Newsweek. He previously served as New York bureau chief of The Times of London and editor of the Saturday Times of London. He is a regular broadcaster on MSNBC, PBS and FOX News. His new book "The Sphinx: Franklin Roosevelt, the Isolationists, and the Road to World War II" is due out in November. He is also the author of "Ronald Reagan and Margaret Thatcher: A Political Marriage" and "Keynes Hayek: The Clash That Defined Modern Economics."